PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1349212
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1349212
Global micro gas turbine market is poised to record a CAGR of over 7.5% through 2032, driven by the escalating need for efficient and clean energy solutions. According to the estimates by the IEA, the total investment in energy in 2023 will be around USD 2.8 trillion, with over USD 1.7 trillion focused toward clean energy.
With the rising awareness about the challenges of climate change and environmental sustainability, industries are actively seeking power generation technologies that are not only reliable but also environmentally friendly. With the high energy efficiency, low emissions, and adaptability across various industries, micro gas turbines are witnessing widespread adoption. This factor, in consort with ever-increasing energy demand is favoring industry growth.
The overall micro gas turbine industry is segmented based on capacity, application, and region.
As per the capacity, the market share from >500 kW segment is slated to grow with 7.8% CAGR through 2032. These larger capacity turbines find extensive applications in industries that require substantial power output, such as manufacturing, oil & gas, and data centers. As these units are engineered to operate continuously and withstand heavy-duty usage, they are often leveraged for applications where uninterrupted power supply is critical. With their compact size, flexibility, and ability to operate on various fuels, >500 kW micro gas turbines are the go-to solution for businesses looking to meet power needs efficiently.
Based on application, the micro gas turbine market size from power generation application is anticipated to expand at 7.8% CAGR over 2023-2032, owing to the device's ability to provide reliable and decentralized power generation solutions. Micro gas turbines are being employed in distributed energy systems, combined heat and power (CHP) plants, and microgrids, offering grid stability and ensuring a continuous power supply, especially in remote or underserved areas. The rising instances of power outages, due to natural calamities or power shortages, will favor the device adoption for power generation in the coming years.
From the regional standpoint, Asia Pacific micro gas turbine market is expected to generate massive revenues and record a growth rate of 6.4% over the forecast period. The region's rapid industrialization and urbanization, coupled with the increasing focus on clean energy, are driving the equipment demand. The inflowing investments in energy infrastructure, along with government initiatives & incentives to promote sustainable energy sources will further create a favorable environment for micro gas turbines manufacturers, placing Asia Pacific as lucrative avenue in the market.